BTC funding rates across 15 exchanges

Perpetual futures never expire, so nothing automatically forces their price back to the spot price of Bitcoin. The funding rate is the mechanism that does that job: at fixed intervals, traders on one side of the market pay a small fee directly to traders on the other side. When the perpetual trades above spot, longs pay shorts; when it trades below spot, shorts pay longs. The payment scales with position size, which makes holding the crowded side progressively more expensive and pulls the contract back toward the real market.

Most venues settle funding every 8 hours, but some use 1-hour or 4-hour cycles. The table above normalizes every rate to an 8-hour equivalent, so a reading from Hyperliquid (hourly funding) can be compared directly with Binance or Bybit.

A positive rate means the perpetual is trading at a premium to spot: demand to be long is strong, and longs are paying shorts to keep their positions open. Readings around +0.01% per 8 hours are the neutral baseline on most venues. Persistently elevated positive funding signals crowded long positioning: a market that is paying a real carry cost to stay levered long, and one that becomes vulnerable to long liquidation cascades on sharp pullbacks.

A negative rate means the perpetual trades at a discount and shorts are paying longs. Deeply negative funding often appears during capitulation or heavy hedging, and because shorts are paying to stay in the trade, it can set up short squeezes when price stabilizes.

The predicted rateis each venue's estimate for the next funding interval, derived from the current premium between the perpetual and spot. Comparing current versus predicted shows whether positioning pressure is building or fading before the next settlement. A few venues do not publish a true next-interval estimate, which is why some cells show "n/a".

Each exchange computes funding from its own order book, so the rate reflects positioning on that venue alone. When one exchange prints noticeably higher funding than the rest, leverage is concentrated there, often on retail-heavy venues during momentum runs. Arbitrage desks trade these gaps (long the cheap venue, short the expensive one), which normally keeps the spread tight; a gap that persists is itself information about where risk sits.

The split between the two tables matters too. Stablecoin-margined contracts (USDT-settled) are where most speculative flow lives today, while coin-margined (inverse) contracts are collateralized in BTC and attract miners, long-term holders, and hedgers. When stablecoin funding runs hot but coin-margined funding stays flat, the aggressive leverage is coming from the speculative crowd rather than from holders, a nuance a single average would hide.

Kodexius fetches funding directly from 15 BTC perpetual markets (Binance, BitMEX, Bybit, Deribit, Huobi, Hyperliquid, Kraken, OKX, and WOO X across their stablecoin- and coin-margined contracts) and refreshes the table roughly every minute. Rates are shown per 8 hours; nothing on this page is investment advice.